BRITISH Gas’ owner has announced billions in profits as millions struggle with rocketing energy bills.
Centrica’s annual profits hit £3.3bn in 2022 – more than triple the £948m it made in 2021.
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The firm’s profits have been boosted by soaring wholesale gas prices after Russia’s invasion of Ukraine.
Stripping out its Spirit Energy businesses that were sold, underlying earnings for the group jumped to £2.8 billion from £392 million the previous year.
Centrica said it made operating profits of £72 million at its British Gas retail division, British Gas Energy, but this was down 39% on the year before.
Centrica’s profits were boosted in 2022 by soaring profits in its North Sea oil and gas division.
The earnings haul for last year comes as anger grows over a run of massive profits notched up in the sector and mounting calls for greater windfall taxes.
Centrica said it paid nearly £1 billion in tax relating to 2022 profits.
The profits come just weeks after an eye-opening investigation by The Times claimed that debt collectors working on behalf of British Gas were ignoring customer vulnerabilities and force-fitting costly prepayment meters.
The scandal sparked an urgent inquiry by regulator Ofgem and has seen Centrica banned from force-fitting pre-payment meters.
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Centrica said it was “extremely disappointed” by the pre-payment meter allegations over the tactics used by the debt collectors it employed.
On the back of the latest profit announcement Chris O’Shea, group chief executive said: “Our performance in 2022 demonstrates the benefits of our balanced portfolio and our strong balance sheet.
“The energy crisis and cost of living pressures have created a challenging environment for customers and communities, but we have been able to provide much needed stability and support.
“We invested £75m in supporting our energy customers in 2022, which was greater than the £8 post-tax profit per customer earned by British Gas Energy.
“Whilst customers may see some relief given recent easing of prices, it remains clear that some will continue to need help and we will do what we can to support them in the year ahead.”
It comes after British Gas announced back in August that it would give 10% of its profits to cash-strapped households.
It comes days after Shell was slammed for announcing its highest profits in its 115-year history.
The energy giant announced profits of $40billion (£32bn) – which works out at nearly $110million a day.
BP announced that the firm recorded the highest profits made in its 114-year history at $28billion (£23billion) on February 7.
What help is available for energy bills?
Firstly, though, talk to your energy supplier – if you’re falling behind with payments there’s a lot they can do to help.
They might offer support such as a payment plan review, repayment plans or payment breaks.
Consider a hardship fund – your supplier may have access to charitable trusts and funds.
Contact them and ask to see what is available, though the application process is very in-depth.
Millions of households started receiving a £400 energy bill discount from October 1.
Households will have already received a £66 energy bill discount in October, November and £67 in December and January.
There will also be a payment worth £67 in February and March.
Between November 2022 and March 2023, a £300 one-off “Pensioner Cost of Living Payment” is being paid out to eight million households.
It is being given to those who already get the winter fuel payment – which is worth between £100 and £300 for those over state pension age.
